Pros
Flexibility for PMs to work from home is nice, this is appreciated when it's necessary to be on email 14-20 hours/day for those critical projects that can't wait 8-10 hours for a response.
Cons
Above mentioned flexibility rarely, if ever occurs. Upper management takes a "yell and berate" approach to the smallest of details, any kind of post-mortem analysis or requests for changes are ignored in favor of breaking the offending employee down. Little to no mentoring exists, there are no opportunities for advancement. Employees at all levels are not paid consummate to their skills or experience. Highly inappropriate things are said about employees performances by management to other employees. A real "do as I say not as I do" attitude is displayed by management to employees regarding schedules in the office and working at home - fine for the upper management to work from home or come in late and leave early, bad for anyone else to do the same. Taking a sick day, even to see a doctor, is met with suspicion from management. Executive management is either blind to the problems with their upper management or chooses not to see the problems. Meetings are never planned out, run long, run off track, or are an excuse for a manager to sigh about how their problems are much worse than yours. Laughable quarterly meetings run for several days, are completely unorganized and often include people who don't need to be there listening to others pontificate on what could easily have been edited into a 30 minute to hour presentation. Work is still needed to be completed on time and before the end of the day, otherwise there is a yelling involved. Quarterly reviews tell all employees that 100% meeting expectations is borderline being let go for not overperforming at 120%. Then they are told that 120% is unreachable. It's a lose-lose situation. Contractors are paid late, sometimes more than a YEAR late. It's disgraceful that this hasn't been solved.